Court Nixes Bid By Lerach Client In Securities Suit

Law360, New York (August 23, 2007, 12:00 AM EDT) -- An appeals court refused to hear a bid by three pension funds to head a potential class in a securities fraud lawsuit against Watson Pharmaceuticals Inc., ruling the aspiring lead plaintiffs were nothing more than hypothetical class members in an uncertified case.

In an opinion published last Thursday, the Ninth Circuit judges ruled the funds, whose counsel from veteran plaintiffs' firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP had neither filed a complaint nor formally moved to intervene in the case, lacked standing to appeal....
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